What is this ?

[Charles Decker]

Don, we have not had any luck obtaining budget information before. I now include a statement that the budget was not readily available at the time of inspection. Never been called on it.

Like I said in my post earlier this morning, I did not call the HOA however I will today to obtain the current rental numbers. It is probably safe to say that at least 3 properties are rented based on one person owning 4 units in the development.

 

[mike32716]

Sounds like more of the higher paid underwriters are being laid off.

It is the UW's job to determine that. He/she can check with FNMA to see if the condo is on their list. If not then it is a spot loan. Not your job except to provide the association info.

There was a court ruling a few years ago that essentially held that condo associations did not have to provide information to third parties or to keep a record of it unless it was required in their regulations or state law. Most will give you something. And although that something is usually a joke as it seems to be the same form from say 5 years ago it does give you legal protection.

Also try condocerts.com. You can sign up as an appraiser (give your license number) and get the FREE service (lenders pay for it). I understand that about 40% of condos use condocerts.com. The verbiage on the condocerts form is vague but seems to appease both lenders and the GSEs. ie. non-owner occupied dwellings are referred to as vacant, or second homes or tentant occupied. Pretty vague!

 

[CCAAMO]

Don, down here in Florida (mortgage fraud capital of the nation), the condo assns have hand outs for appraisers that include:

* totally made up HUD-1s showing new sales at high prices and no concessions.
* totally made up owner occupied / tenant occupied statistics.

and anything else that will help keep unwary appraisers using totally false data so the cash back deals will close and the lenders can pawn off these mortgages on Wall St.

Pam, he should get the number of off site owners from the mangagement company and then try to reconcile it with public records ( such as tax records which will tend to show other mailing address for off site units). Its not perfect, nothing is, but the two combined should give the appraiser a pretty good idea as to the owner occupancy rate of the development and how many available units there are.
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